IT management involves overseeing all aspects of a company's information technology according to its needs, including managing human resources, organizational data, physical infrastructure, and application portfolio. Effective IT management must address challenges such as rapid technological change, expanding data and applications, and external disruptions. It also requires developing specialized training, improving infrastructure security and access, knowing what software is owned and its effectiveness, and establishing systems for change management, ethics, outsourcing, global deployment, and performance measurement.